Staco Insurance Records 22% Decline in Pre-tax Profits to N437 million

Staco Insurance released its financial results for the nine months ended 30 September 2015.

The result showed that Gross Premium declined by 1% from N5.2  billion in Q3’2014 to N5.1 billion in Q3’2015.

Underwriting Profit also declined by 3% from N2.3 billion in Q3’2014 to N2.2 billion in Q3’2015.

See Summary of result below..

STACO INSURANCE Q3 2015 N’m N’m
Sep-15 Sep-14 % Change
Gross Premium 5,184 5,215 -1%
Underwriting Profits 2,250 2,310 -3%
Other Income & Investment Income 149 100 49%
Operating Expenses -1,796 -1,694 6%
Pre-tax profits 437 557 -22%
Profit After Tax
Share Price(As at Press time)

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Source: Nairametrics